State Committee on Competition to be liquidated

Uzbekistan intends to liquidate the State Committee for the Promotion of Privatized Enterprises and the Development of Competition and to create three independent structures on its basis, Kun.uz correspondent reports with reference to the draft decree of the head of state.

According to the document, the Center for the Coordination and Development of the Securities Market and the Center for State Assets Management will also be liquidated.

Instead, it is proposed to create:

The State Committee for Protection of Competition (Antimonopoly Committee). Primary tasks, functions and powers of the committee will include antimonopoly regulation, development of the competitive environment, control over the activities of natural monopolies, licensing of commodity exchanges, consumer rights protection and market regulation advertising;

The Agency for Management of State Assets. Primary tasks, functions and powers of the agency will comprise of management of state assets, including those located abroad, the implementation of privatization activities, the transfer of state property to rent, the introduction of corporate governance in business societies, assistance to recovery and improving the efficiency of production activities of vacant and inefficiently used facilities, financial recovery of economically insolvent business companies and bankruptcy;

The Agency for Development of the Capital Market. Primary tasks, functions and powers of the agency will include regulation of the securities market, corporate governance and stock exchanges, regulation of leasing and insurance activities.

By April 1, 2019, new structures will have to make proposals for further improvement of state regulation of economic sectors, including the abolition of legislation restricting the production and financial activities of business entities.

In addition, they were instructed to take an inventory of state enterprises, including unitary ones, until July 1, 2019, and to make proposals for their optimization and record-keeping, as well as their transformation into economic societies.